Indian Economy GK Questions with Answers – Page 3

The Eleventh Five-Year Plan (2007–2012) carried the title "Towards Faster and More Inclusive Growth". The Eleventh Plan was prepared by the Planning Commission under Prime Minister Manmohan Singh, with Montek Singh Ahluwalia as Deputy Chairman.

Income distance had the highest weight, followed by population, area and demographic change. The Fourteenth Finance Commission, chaired by Y.V.

This statement is not correct, because at the equilibrium of a competitive firm marginal cost must be rising. A firm in perfect competition is a price taker, so the price it gets equals its marginal revenue.

The First Plan (1951 to 1956) gave agriculture, community development and irrigation about a third of its outlay, the highest share in any Indian plan.

Invisibles are part of the current account of the balance of payments, not the capital account. The balance of payments records all of a country's transactions with the rest of the world and has two main parts.

The Twelfth Five-Year Plan (2012-17) had the theme "Faster, More Inclusive and Sustainable Growth". It continued the inclusive-growth idea of the Eleventh Plan (2007-12), whose theme was "Towards Faster and More Inclusive Growth", and added sustainability as a stated goal.

The Second Plan (1956–61) was built on the model prepared by the statistician P. C. Mahalanobis, which gave priority to heavy and basic industries.

The Insolvency and Bankruptcy Board of India was set up on 1 October 2016 under the Insolvency and Bankruptcy Code, 2016.

Government spending adds to income more than an equal transfer, and its effect is smaller when money supply is not expanded alongside it.

Allocation of resources through central planning is the mark of a socialist or command economy, not a capitalist one. In a capitalist economy, the means of production such as land, factories and capital are owned mainly by private individuals and firms.

Statements I and II are true, but the Ninth Plan began in 1997, the fiftieth year of Independence, not the sixtieth.

Under the nutrition indicator, a household is deprived if any one eligible member is undernourished, and a woman of 15 to 49 with a BMI below 18.5 counts as undernourished.

Adam Smith laid down four canons of taxation, and fiscal adequacy was not one of them; it was added by later economists.

The financial cycle is the rise and fall of credit and asset prices, and the ratio of credit to GDP shows how far borrowing has run ahead of the economy.

In Keynes's theory the level of employment in an economy is fixed by effective demand, the level of total spending at which aggregate demand equals aggregate supply.

Mission Indradhanush aims to raise full immunisation coverage among children, and it also covers pregnant women. The Ministry of Health and Family Welfare launched it on 25 December 2014 to reach children who had been left out or only partly vaccinated under the routine Universal Immunisation Programme.

Proposed by Franco Modigliani with Richard Brumberg and Albert Ando, it holds that a person plans consumption over a whole lifetime, using available resources, the return on wealth and age.

SAGY is run by the Ministry of Rural Development, not the Ministry of Parliamentary Affairs, so statement 1 is wrong.

Monopolistic competition is a market with many sellers whose products are close substitutes but not exactly the same, such as different brands of soap, toothpaste or restaurant meals.

A fully (perfectly) elastic supply curve is a horizontal line: sellers will supply any quantity at one fixed price and nothing below it.